Melrose Housing Market Continues Positive Trend

Sales of Massachusetts single-family homes, including those in Melrose, increased in July compared to the same time last year, according to the latest report by The Warren Group, publisher of Banker & Tradesman.

Home Sales Up

In Melrose, 52 single-family homes were sold in July compared to 27 in July 2012, according to the report, representing a nearly 93 percent increase. There have been 149 home sales this year in Melrose compared to 123 sold last year during the same time period, according to the report.

Statewide, a total of 5,941 single-family homes statewide sold in July, up from 5,014 during the same month last year, according to the report. So far this year, 27,600 homes have sold in Massachusetts, up 3.5 percent from 26,647 during the same period in 2012, the statement adds.

"Many recent real estate reports have signaled a strong real estate recovery, and our numbers speak to that rebound," said David Harris, editorial director of The Warren Group, publisher of Banker & Tradesman, in the report. "While consumer confidence and strong employment numbers continue to bolster the market, there's concern that higher mortgage rates and increasing home prices could dampen the revitalized market."

In Melrose, median sale price of a single-family home increased 1.6 percent in July, from $438,000 in July 2012 to $445,000, according to the report. Year-to-date median home prices are also up more than 3 percent in Melrose, from $403,000 in 2012 to $416,500 this year during the same time period, the report adds.

The median price of a single-family home rose 10 percent in July, increasing to $349,000 from $317,275 a year earlier, reads the report. The median price for homes sold January through July was $320,550, up more than 12 percent from $286,000 in the prior year, the report adds.

Condo Sales

In Melrose, condominium sales were stagnant in July, as eight were sold, which is the same number sold last July, according to the report. However, year-to-date condo sales in Melrose are up more than 14 percent, with 40 sold compared to 35 a year ago during the same time period, according to the report.

A total of 2,336 condos sold in July, up from 1,998 a year ago, reads the report. Year-to-date condo sales were also up almost 5 percent, increasing to 11,094 from 10,607 during the same period last year, the report adds.

The median condo sale price in Melrose increased slightly, from $275,700 last July to $276,500 this July, according to the report. Meanwhile, year-to-date condo sale prices in Melrose are up nearly 6 percent, from $206,750 last year to $219,000 this year, according to the report.

The median selling price was $310,000, up from $293,730 a year earlier, reads the report. The year-to-date median price of condos in the Bay State is $290,000, up about 3.6 percent from $279,900 a year ago, the report adds.